By  on September 27, 2013

Hampshire Group Ltd. said Friday that it has refinanced its existing credit facility with Wells Fargo with a new $50 million, three-year credit facility from Salus Capital Partners LLC.

The credit facility consists of a $3 million term loan and a $27 million revolving credit facility, with an accordion feature which permits an increase up to a $47 million revolving credit facility at Hampshire's option, subject to certain further conditions, the company said.

Hampshire noted that the Salus Capital facility will provide it with "significantly more" liquidity as compared to its current financing arrangements, and that proceeds from the Salus Capital facility will be used to finance working capital and for general corporate purposes.

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